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Zoom boss says it’s winning the video conferencing race

The coronavirus pandemic has turned the company into a verb with 300 million daily meeting participants in April, up from 10 million in December. Zoom has ended the April quarter with 265,400 corporate customers with at least 10 employees, up approximately 354 per cent from the same period last financial year.

“What the pandemic has done certainly for video conferencing and the collaboration side is actually started to show the addressable market for video communications is even larger than anyone would have envisaged,” Mr Chetner said.

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Privacy and security issues with Zoom have been highlighted during the pandemic but Mr Chetner said the video conferencing platform had addressed these concerns with its latest upgrades and continued to work to strengthen security.

“I think for context, we had a 30 times (jump) in usage which was unanticipated, so we listened to the feedback in terms of some of the improvements we needed to bring to the platform,” he said. “As with any software application there are vulnerabilities that are found from time to time.”

He added that enabling waiting rooms and passwords as standard had increased Zoom’s security and the company’s acquisition of encryption service Keybase last month had further enhanced its end-to-end encryption.

Investor Thomas Rice from Perpetual said he believed Zoom’s security issues had been overstated by the media.

Mr Rice said he was bullish on Zoom’s stock which rose nearly five per cent in extended trading on Wall Street after the relase of the quarterly update.

“Coronavirus has been the single biggest marketing and awareness campaign for video conferencing you could imagine, people could always video conference before but they didn’t,” he said.

Zoom does not split out its data by region but Mr Chetner said Australia had been critical to Zoom’s growth and the country was an early adopter of Zoom’s technology.

Mr Chetner added he was confident Zoom would continue to grow even as the impact of the coronavirus pandemic lessened and lockdown restrictions were lifted.

“The genie is out of the bottle.”

“How we work in the future, this is yet to be defined but we will definitely have a mix of still maintaining some type of office presence because it’s important for us to connect as people but also the ability to be more productive by having the chance to work at home,” he said.

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